SHFE 1607 Aluminum Pulls Back from Highs (2016-5-31)-Shanghai Metals Market

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SHFE 1607 Aluminum Pulls Back from Highs (2016-5-31)

Price Review & Forecast 05:30:55PM May 31, 2016 Source:SMM

SHANGHAI, May 31 (SMM) – On Monday’s night trading, SHFE 1607 aluminum fell to RMB 12,260/mt after opening at RMB 12,325/mt. But prices then rallied to RMB 12,345/mt before ending at RMB 12,290/mt.   

On Tuesday, short covering allowed SHFE 1607 aluminum to climb to RMB 12,370/mt after opening at RMB 12,290/mt. But the most active contract then fell back to RMB 12,225/mt as longs took profit. SHFE 1607 aluminum finally ended at RMB 12,260/mt. Trading volumes were down 31,800 lots to 148,640 lots, and positions were down 13,442 to 197,334. Positions of SHFE 1608 aluminum were up 3,538, while those of all SHFE aluminum contracts were down 7,684. SHFE 1607 aluminum will move in a wide range in the short term.

   



SHFE 1607 Aluminum Pulls Back from Highs (2016-5-31)

Price Review & Forecast 05:30:55PM May 31, 2016 Source:SMM

SHANGHAI, May 31 (SMM) – On Monday’s night trading, SHFE 1607 aluminum fell to RMB 12,260/mt after opening at RMB 12,325/mt. But prices then rallied to RMB 12,345/mt before ending at RMB 12,290/mt.   

On Tuesday, short covering allowed SHFE 1607 aluminum to climb to RMB 12,370/mt after opening at RMB 12,290/mt. But the most active contract then fell back to RMB 12,225/mt as longs took profit. SHFE 1607 aluminum finally ended at RMB 12,260/mt. Trading volumes were down 31,800 lots to 148,640 lots, and positions were down 13,442 to 197,334. Positions of SHFE 1608 aluminum were up 3,538, while those of all SHFE aluminum contracts were down 7,684. SHFE 1607 aluminum will move in a wide range in the short term.